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with the markets. tyler's off today. simon hobbs is my partner for the hour from the nyse. a lot of pressure in this market today, simon. >> let kick off with the markets. the s & p falling for a third straight day. the nasdaq 100 breaking below its 50-day moving average. intel and certainly apple are weighing on tech he is today. commodities also on the move a big move on oil. full team coverage on cnbc. sharon epperson at the nynex and rick santelli just off camera with breaking news on the bond markets. let's begin with bob here. big move on tech and discretionary. >> 3-1 declining advancing stocks on the flat line until 10:30 or so when the your row, yes the your row, started breaking to the lows of day, euro down, dollars moved up, our market, moved down, this is what happened, prior to 11:00 eastern time. look at the s & p 500. you can see we were not far from the flat line and just drifted right down as the euro hit the lows for the day. elsewhere sectors, you know what is going on with apple, down four days in a row down more than 10% from the recent high, that was september 5th. the
is always on the money, my partner for the hour, simon hobbs is down at the nyse. >> down here on the floor of the nyse, we were hovering around the flat line for much of the morning but the starts have started to take a leg down. we are off our lows. we were down about 63 points on the dow. we've traded slightly higher, just currently down 22 as you can see. good gdp data coming out today but those earnings, not least apple last night, failing to give the bulls enough courage really to drive the market higher. we will see how we fare during the course of the next 60 minutes, sue. back to you. >>> as you just mentioned, positive news on the economy ahead of the elections. u.s. gdp growing faster than expected. it looks like consumers are hanging in there. but corporations are still sitting on the sidelines. our steve leisman is here to break down the data and look at what it all means for the economy ahead. >> we saw from the data this morning a split economy with consumer growth hanging in there. we saw that also with this morning's confidence numbers. business investment though is flat to
at seaside heights. simon hobbs is in for sue herera today. >>> but first, to the aftermath of the storm and president obama's visit to the new jersey coastline. kayla tausche is live in atlantic city. kayla? >> reporter: hi, tyler. we just saw air force one fly right over us and headed likely toward the atlantic city airport. we have tons of residents in atlantic city who turned out very excited, very rambunctious to seat president. it is the first day of sun after days of wind and rain and of course the wreckage of sandy here is evident as a place that used to be home to more of a residential part of the boardwalk. residents would fish off of it and stroll here. not so much the business part of the boardwalk but the wreckage you're seeing here, nonetheless. here in atlantic city the cleanup is just in its early, early stages. some residents who chose to stay behind getting power. i spoke to one resident today who finally got power, got a pump to his basement and started trying to pump out water that had flooded his basement. he was moved to tears when he started talking about watching
later. first though, simon's at the nyse. >> the vulnerability of technology locks outside apple during the earnings season is large today. losses of just over 5% on ibm. intel down over 3%. we're finding it difficult to get traction despite the fact that most sectors are in positive territory. still broadly we are creeping back to those record highs. take a look at the board. the dow about 620 points, or 4.5% from its october 2007 peak. the s&p about 100 points off its october 2007 peak. about 6.5%. we're five years older and almost back to where we were. >> all right. it is the day after debate -- i take my pen out of my mouth -- debate number two. the president and governor romney both back on the campaign trail. there are just 20 days to go now before election day. president obama in mt. vernon, iowa at this hour. governor romney down in my home state, in chesapeake, virginia. john harwood is here with us. where do the candidates stand now, john? what are they doing, how are they spinning it? >> they're both out on battleground states. both where barack obama has a slight lead over
growth you are trying to push a deal with simon properties. >> let me explain, general growth has been a good investment and we actually started off with brookfield as a partner and they've been a good partner to date. the problem is that they're pursuing their own agenda to get control of the country. >> let's set the table for a second. >> please. >> there's three companies here. there's general properties, general growth. >> mall company. >> there's simon. >> yep. >> and then there's -- >> brookfield, big shareholder. >> you're worried about brookfield taking over the company. >> correct. >> that's one of your worries. >> without paying a premium. >> and at the same time you're trying to push a deal with simon and unclear whether simon wants to buy the company. >> no, it is clear. >> it is clear? >> yes. >> even though recently they came out and said they don't want to buy the company. >> sure that's what they always say. >> the oldest story in the book, the question of price. >> it's always a question of price. >> so let me lay it out for you. board has a duty to its shareholders t
of growing up. not everyone can be a foster parent... but anyone can help a foster child. >>> simon is raring to go after a business trip. >> we'll return to the program with extraordinary numbers out of greece. the nation says she is destroying the latest with angela merkle there in athens. we'll talk about apple and also ask whether wall street has any longer a credible statesman to represent it on capitol hill. back to you guys. >> we'll see you in a few moments. six stocks in 60 seconds. we'll begin with itw, a downgrade. >> this is a part where i see where we are going into earnings. we recommend the stocks and hope they come down again. >>> sell intel. >> this thing is so hated, you think that they have no yield in a bad balance sheet. >> downgrade of diamond offshore. >> look, i find this questionable with oil. it just is stubbornly high. it is not down. >> research in motion. jeffrey says the ten might be delayed here. >> i thought this was interesting because becky quick got this out of the ceo. now suddenly it becomes common parliament? just watch "squawk." >> raising the price on m
. get your best rest ever from sleep train. ♪ your ticket to a better night's sleep ♪ >>> simon hobbs here to tell us what's coming up at 10:00. >> good morning to you carl. we'll look at whether the $10 same-day delivery from walmart makes it more like amazon. can you profit from that announcement? we'll look at yum!'s earnings, still potential there and you've doubled your money in home depot over the last 14 months. is now the time to take money off the table with home depot? that and more in the next hour of "squawk on the street." >> in the meantime "six in 60." dollar tree. >> i like this call my neptune dollar tree and south have never looked better. >> monster beverage. >> if you're going to put the calories on the sodas look out. this is not what i think the health care officials mentioned this, this is not good cardiac wise. >> morgan stanley downgrading barrick. >> the gold stocks are terrible. plain and simple good call. >> johnson controls downgrade. >> this stock is way too expensive. wouldn't surprise me if it went down to there. >> credit suisse recommended by imax. >>
midnight. what's the scene like right now, simon? >> reporter: good morning to you. welcome to one of the 34 pop-up stores across america that microsoft has launched today taking the message very much the commercial message to the streets. you can see it's busy. they opened this at 10:00 last night. there's 34 stores across america that will remain open until 1:00 monday morning. obviously it's the launch of the surface, the new tablet. you know that. also the launch of windows 8. they want to create the buzz that apple is able to create. they want to take it right on the street. guess who just turned up? the chief operating officer for microsoft, kevin turner, is with us. quite an endeavor to put up 34 outlets like this. i presume you had to train this staff. >> absolutely, simon. today we're opening up 34 of our stores in addition to 30 of our regular stores. we have 64 stores open. we have lines getting people trained and excited. there's excitement around windows 8 and certainly surface. >> i don't see a huge number of surface being sold. >> all of these bought surface and are
has not ♪ >>> 10:00 a.m. coming up. we'll begin with simon huff. hey, simon. >> shawn matthews will be joining us. microsoft, google or apple? we'll also have renown chef nobu on the program. he's opening a hotel in vegas, believe it or not. back to you. >> that jalapeno is the best thing on the planet. meanwhile, six in 60. >> it is a bunch of new products. deutsche says panera remains strong. >> this is the survivor. this is the quick service food people really like. >> credit sweeps goes from a hold to a sell on safeway. >> this is whole foods. trader joe's if it became public would be a sidebar. >> b of a, recommended by sirius xm? >> this really is interesting that the stock could be capped by liberty media, but they went out to give it a $3 price tag. please don't change that. >> wynn resorts, buy it? >> when is a chinese play. you have to believe that the chinese are going to start spending again or it won't work. >> skywork solutions? >> this is one, do they have enough in the apple ipod? do they not? it goes back and forth. >> more of the names, go to our website. >> m
day. ♪ your ticket to a better night's sleep ♪ >>> let's get to simon hobbs and see what's coming up. >> good morning, krarlcarl. the ceo of car max will be weighing in on the presidential debate last night. we'll look at same-store sales. kohl's taking it on the chin today in the wake of their falls in sales. and also matt lauer on the "today" show this morning asked mark zuckerberg a very simple question, why around you killing it financially? we'll talk about facebook and play that footage. back to you guys. >> even used the words "killing it." thanks. time for "6 in 60." we'll begin with ryder system upgrade. >> crucial trapt. we need this one higher. i like it. >> holey frontier downgraded at ubs. >> i think it's nuts. we have a big glut of oil. they're a win. >> you had eric wiseman on "mad" last night. >> he's saying, look, christmas shopping is going to be good, great. >> fedex, rbc, cautious. >> i'm a buyer, not a seller. >> cowan like safeway. >> good luck with that. i think this is a whole foods moment. >> and target's raised to bear. >> this is one of the greatest untold
there autographed by simon, by me, jim, david, melissa. did we give it to santelli and david? >> i think we did. >> we'll announce the winner later in our program. maybe it's you. best of luck, we think that pen, by the way is waterproof, but if it's not. >> that's why i signed it on the inside. >> i wasn't sure. i thought it would be safe. it's great. it's a collector's item, really. >> i hope they don't see it on ebay immediately. >> no bid. i like visa mastercard and i like paypal. >> all right. last night on "mad money," in case you didn't watch, he sent it to the shredder. get ready for cramer's mad dash and shoppers and investors, the president of sears and kmart will share his holiday season strategy for giving both stores a much-needed sales boost. >> take one more look at futures hanging on to an implied open about 60 points to the upside after the jobs number. we'll see if it lasts when "squawk on the street" comes back. er. who has 11 major brands to choose from? your ford dealer. who's offering a rebate? your ford dealer. who has the low price tire guarantee... affording peace of mi
. simon? >> caller: boo-yah. thanks for everything you do for the small investors. >> doing my best. thank you, simon. >> caller: linn energy is pricing to make it easier for iras and 401(k)s to participate in the limited partnerships high yield without tax headaches. do you recommend picking up some lame code ticker or -- >> you know, when i first looked at it it was terrific. i wanted to see where it was priced, where it trades. i don't want to say, yeah, it's good or bad. all these are about price. as i have learned too well with some of them that were -- that looked cheap for me but it turned out to be overpriced. let me come back online. john in oregon, please. john? >> caller: hey, jim. boo-yah from western oregon. i have a question about the home construction. i'm caught holding d.r. horton at a kind of loss. do you think the nice ride that we have had on residential construction is over with or not? >> this is a group and i was doing work on toll brothers. they have big spurts, then slam downs. everyone says it's over in the slam down and you should be a buyer not a seller. i'm not
to the 10 a.m. you have to go through simon hobbs first. >> good morning. we'll talk about citigroup at some length. two analysts, one think it's quite nervous and another believes the stock could rise 30% and the man leading microsoft's foray into online music. why are they being so beastly to pandora and spotify and randi zuckerberg will be here. >> with a fantastic role model. six in 60. rio tinto. >> goldman says this iron move is over. sell the stocks. >> b of a. >> these stocks they've been terrible but this one held up well. >> google, big investor meeting. >> this is about the ftc, remember they hired paul weiss. everyone is scared the ftc will come down hard on them. >> chico's. >> only a few retailers look good, williams-sonoma and urban outfittersment maybe this can join them. >> goldman raising estimates on ebay. >> that seems to have nothing. i think it's a buy. people seem to be wanting to leave it. >> barclay's likes joy global. >> joy global. talk about risk/reward. like the iron ore trade every joe contin rio tinto. >> two weeks ago the ipo market was dead. now it's red hot.
you so much, simon. time for six in swing state 60. six stocks in 60 seconds. jim, who's in ohio. we'll start with united rentals. >> yesterday the stock was up gigantically. why? the renting of capital equipment is strong. i think that's a positive sign for the economy. >> we haven't talked much ebay. earnings last night? >> carl, i think you guys are going to be discussing it with simon. this was a triquarter for paypal. that's what matters. much better growth than american express, which was open. >> was key corp. the best earnings so far? >> i think key corp. actually tops citigroup as far as being the best. this was really good data interest margin. the only other one that had it is citi. >> ibc downgrading potash. >> potash needs to lower its costs. the way to do that is use american natural gas. more on that tonight. >> mellanox, you say is blowing up. >> this is an israeli based company. they did tepid guidance. not enough. >> and lowering the value on facebook. >> i can't emphasize enough. there's a big lock-up. be careful, facebook. >> you've got a lot tonight, and it's not
stock. we'll also talk to james stewart. >>> thank you simon, do want to check on mcdonald's. we were curious to know when the last time comps were negative. prior to that you have to go back to april of 2003 before you can find negative comps globally when they were doubt.8. >> and they're seeing them be negative for the first time since 2003. >>> general electric is up 6%, and the company says the growth for the year will be a little less than people were expecting. we should say transportation profits, energy infrastructure up 13%. g.e. capital is one of the reasons why they had to pull back that number for the year as well as they continue to shrink that. >> the took in a very significant move. it's not that long ago and it's about the industrial businesses for which remain in tact. >> back in september it was a big structure day and people walked away extremely bullish from that. >> so, all right, there are new details today about goldman sachs memoir. more of his op-ed that was out months ago. he gives insight into the muppet context. being a muppet meant being an idiot, or tool
side? >> simon, i think what ryan should actually do is follow the boss' lead and i think that it's gotten the campaign to where they are today. they have the momentum. and i would like to see congressman ryan keep it going. i think can he do every bit of that. when you think about what the issues are here, there is such a sharp contrast, differences, between the two campaigns. and i think vice president biden actually has got to make up for some of the lost ground that the president got their campaign into last week. i think it's a very tough uphill battle for vice president biden. if he comes across tonight as too aggressive, i mean he needs to be aggressive. but if he's an attack dog, i think he's going to push them further into a hole. i think that congressman ryan, based on what i've seen over the course of the last several months, he is very thoughtful. he's calm, he collects his thoughts and he portrays a very good image for the campaign. >> dennis, we'll leave it there. thank for your time and analysis on two very important topics today. sprint and the debate. >> don't ton
very much. "fast money" begins in a few minutes. simon hobbs is here with a preview. >> maria, on "fast money" at 5:00, we'll be taking positions ahead of apple and amazon reporting tomorrow. steve forbes will be here at the nasdaq to explain why a romney victory will be good for the markets. we'll be raining on the cloud. the latest from f-5 networks, poor results there. and the ceo of toys r us will be here to give us that warm holiday trading. we'll be live on "fast money." >> all right, simon. we'll be there. another batch of key economic reports d reports due out tomorrow. we'll tell you which ones to watch for. stay with us. mike rowe here at a ford tell me fiona, who's having a big tire event? your ford dealer. who has 11 major brands to choose from? your ford dealer. who's offering a rebate? your ford dealer. who has the low price tire guarantee... affording peace of mind to anyone who might be in the market for a new set of tires? your ford dealer. i'm beginning to sense a pattern. buy four select tires, get a $60 rebate. use the ford service credit credit card, get $60 more. t
thank you. >> simon, you're the man. >> i'm simon hobbs. i'll see you at "squawk on the street," jim cramer is up now. >>> i'm jim cramer. and welcome to my world. you need to get in the game! going out of business and he's nuts they're nuts! they know nothing! i always like to say there's a bull market somewhere. >> "mad money," you can't afford to miss it. hey, i'm cramer. welcome to "mad money," welcome to cramerica. other people want to make friends, i'm just trying to save you some money. my job is not just to entertain you but to educate you. call me at 1-800-743-cnbc. we keep hearing how woeful the earnings are. about how more than 60% of the earnings reports have been disappointing. and that's the reason why this market's so tough to navigate. today being no different with the averages bouncing around before ultimately closing in the red, dow giving up points, nasdaq losing .29%. but we aren't getting destroyed day after day either, though as you would expect from all the commentary, right? you would read that, hear it, you would think that all earnings have been unifor
. simon, california. he asked a question about lnco. it is a company that came public last friday. i was caught not ready. you might wonder why it exists. the company's sole purpose is to own units in energy. it happens to be a partnership. but what is the own debt of that? like detra? i've been a fan of lin energy for decades. ♪ hallelujah in may of 2009 i said, wow, these guys know how to drill. they own a whole host of oil and gas properties across the united states. they are able to maintain or grow cash flow. they are not squash buckling drillers. they are the opposite of wild caters. but the production is 100% hedge. i look at the high prices. you don't have to worry about volatile commodity prices. since 2003 the company has made 54 acquisitions for a total of $10 billion. during 2012 alone the company bought 1.2 oil and gas properties in the kansas basin. bp was so strapped for cash. boo et boo! . and in july line hit up bp again and acquired 23% interest in the field in exchange for recovering $400 million. it is a tremendous company with a fantastic growth prospect. consi
work out just like cannibalization. >> simon raises a great point, us media types on the east coast. we might have access to u all of these devices. are you -- do you want to buy an ipad mini, over an ipad touch or over an ipad itself. it seems like you have a number of choices in the apple product line. but you're probably only going choose one in that first go and the ipad mini is a perfectly fine option but it's certainly not the price you're going to get for an ipad itself. >> with this comment that everybody's a winner, if all else fails, you could become a schoolteacher. >> everybody gets a gold medal these days, everything gets a trophy these days. >> there is such a thing called seg lar growth. nooks and i patds are all -- it's a good moment in america. >> always good to get your view zblft thanks, guys, i appreciate it. >> quite the earnings seasons this quarter, and our own herb greenberg is looking at the excuses people are using. >> we have one at least the winner of what i think is basically the kitchen sink award. in fact they have won this hands downing, it's martin zarre
of summer properties. jerry seinfeld, robert de niro, paul simon some of the name 2s s that have properties out here. we wait for sunlight to assess the damage. it's almost like a video game on the roads where you have to duck under things and around things. took about a four hour nap, went to bed with 600,000 customers on long island without power. woke up with 900,000 customers. that's not people, just homes. so a lot more people do not have power. overall, it's about 6.5 million customers that did not have power. here it was about the surge in the ocean and the wind damage. the rain didn't create the issue. it will be about property damage. and as soon as we get first light, we'll go out and see what the damage is. a lot of downed trees. we've seen huge trees coming down in the surf through late yesterday. and in terms of the equipment, it's really so difficult to model that now because we just don't know what we're going to see when we get out there. it's been a tremendous element of electrical fires and in terms of first responders, we haven't been able to get to some. two fires on the
, higher labor costs and slower business are the reason why. simon? >> it's all about the revenue. thank you for that. >>> ahead on the program, president obama and mitt romney going head to head for one final time. the presidential debate tonight on cnbc. we'll go live to the debate site in florida for a preview. plus, the national press secretary for obama campaign will give us his view of how the president will hope to perform tonight. apple has been on steady decline since iphone 5 hit the stores. can the ipad mini save the stock tomorrow? more "squawk on the street" after the break. just driving a, comin' back from the lake, and all of a sudden, ka-plam. it blindsided us. what is it? our college savings account. how do you think it happened? not sure. i think something we bought a while ago turned out to be something else, annnnnd, i remember a lot of other stuff in there had the word "aggressive" in it. is everyone okay? well, now, yeah. who knows later. ♪ we don't call this our company, we call this our mission. green toys teaches children that if i have a milk jug and i stick i
're joined by an analyst at stern ag with a buy rating and target of $26. that right? >> that's right, simon. >> it's astounding. facebook announced it managed to sell now $153 million of mobile advertisements and the stock increases in value by 8.8 billion as a result by my calculations. why is the conversation changing? >> you have to put that in perspective. a few weeks ago people were expecting mobile advertising revenue to be no more than 50 million or $60 million and the big concern was this mobile transition is going to be very hard for facebook. they have shown from march is they created what is a billion dollar run rate in advertising. wouldn't be surprised if they were closer to 2 billion in the next 18 months. you have a powerful network platform that can monetize the huge population on facebook as they proved last night. >> is the case proven? there are those that would say this is so new. the fact that people are for the moment clicking on these mobile ads doesn't mean to say when they learn that that's a commercial operation that they will click on them in six month's time. we
can brighten this market day. that's simon hobbs. >> in three hours time we'll know if apple has it with launch of ipad mini. we'll talk about that with two shareholders in the next hour of the show and what marissa mayer is doing at yahoo! and fundamentals on facebook going into their earnings tonight and more importantly we'll talk about this market and whether the bernanke put is dissolving before our eyes. back to you. >> let's get to six in 60. six stocks in 60 seconds give or take a few. >> rbc says buy. if you see this go up, china stimulus is working. >> pmis tonight overnight. news out of target. >> they sold their credit card division for a huge amount of money. not as much as i thought. still, it's good stuff. >> rbc says worst days are behind viacom. >> viacom going up so this stock is now reverting. >> during the break we were comparing the price of radio shack and zynga. >> they are in a foot race maybe to oblivion. soon it may be worth more. >> you mention the quarter. >> stock was up big. people get faked out in after hours. >> you had the cfo of chipotle on last
president, charles evans. steve? >> thanks very much, simon. definitely upside surprising. what i've heard from economists is they're looking for more upside surprises in the services index which i saw a report this morning. this will come in a couple of days, up to 54. we'll see. obviously not the bottom but obviously not all that great. and i'd be interested to know what the employment production and the new orders indices were inside those numbers. those will be the kind of details that will tell us how strong the internals were on the ism. i talked to charlie evans this morning. he was one of the advocates of what we're calling the q.e. infinity program, the idea of keeping your foot on the accelerator, the central bank keeping its foot on the accelerator as long as employment remained above 7%. just a little background, the fed did not go with evans' specific proposal but did create an open-ended quantitative easing. so i asked him, how open-ended is it? what happens at the end of this year when operation twist ends? what happens to additions to the balance sheet? here's what he said.
begins right now. >>> that is right, simon, what an hour we have in store for you. we begin this hour at the realtime exchange and the dow heat map, which vividly tells the story of a stock market down more than 200 points on the dow. one of the very few dow stocks that has been positive for much of the morning, intel and microsoft. microsoft, interesting, because right now, in san jose, california, one of microsoft's biggest rivals, apple computer, is set to unveil what many believe will be the new must-have damageet, so the called miniipad. now this is, if you can make it out, a live picture, we haven't had this before, of the theater where the product is going to be unveiled. our jon fortt is inside the event. brian sullivan is outside. he will give us live updates as the details are unveiled. >> a lot of tension down here, you can't afford to go anywhere this hour, with the dow and s & p at the lowest level necessary seven weeks, statistics for you. the markets dropped, the dow had the biggest point drop in the 1 p.m. hour. fry davis the same story, the dow had its biggest point d
stephanie link. >> buying it. >> simon baker. >> swy. >> the short-traded staples is over. >> long trade in at&t. big "t." >>> more "fast money" at 5:00 p.m. tonight. "power lunch" starts right now. >>> welcome to "power lunch." it is china all over the news today. it is the new cold war, they say. congress takes aim at a chinese tech company over security concerns and the slowing chinese economy also pulling down our markets. so how do you play china right now? pain at pump. gas prices in california top $5 a gallon in some places and the governor's jumping in to intervene but the question is, is that really going to do any good or is the market going to decide the price? >>> and political roulette. the key swing state of ohio making a big bet on casino gambling. brian schactman has more on the new jobs and new opportunities from cashing in on sin. >>> but first, tyler is off today so bob pisani is my partner for the army. down at the nyse. >> pleasure to be here, sue. concern about china's slowdown raised by the world bank putting pressure on the market today. europe's been closed
in the house, for example. >> reporter: you know, if i were the romney campaign, simon, i've got multiple things to worry about. that would be one of the least things that i have to worry about. what he's got to do more than anything else is get the share up among women. he tried to do that at the convention. he needs to do it right now. especially white college-educated women. mitt romney has got to get about 60% of the white vote. he's fine among white men to get there but needs to do better among white women, especially upscale suburban white women, the kind that turned away from him on some social issues and the role of government. that's the opening for him and he's got to cease it. >> coverage of the first presidential debate begins at 8:00 p.m. eastern time here on cnbc. carl quintanilla, maria, and others will be hosting that. >> shares are down of metropcs. making it the fourth largest wireless company behind sprint. so often left out in the cold. what is next for sprint on hopes of the user base? we're joined by jim, an analyst. thank you for joining us. >> good morning. >> as w
restored to the families that we serve. we're committed to doing that. >> tom, i think what simon may be getting to is as the head of the utility, con ed clearly they planned big but i guess are others in the industry or you saying maybe they didn't plan enough? >> i'm not saying that. one of the things you have to understand too with the scope of this storm every location has to deal with the environment in which they are facing. every location is going to be different than every other location. we have to face unique circumstances and manage that process as best we can. i am absolutely confident that the leadership and the folks and boots on the ground at con ed are doing everything they can do to get the power back on as safely and as expeditiously as possible. >> you mentioned unusual nature of these storms. it seems as though we have unusual storms a lot more frequently than we used to. you run one of the largest power companies in the country, is it your thought that talks of climate change will come to the fore and lead to discussions about your business? >> the point is right
with accusations that the industry is sitting on cash rather than investing it. joining us now is simon perry, senior partner at inston young. a 13-figure sum. this is really referred to as -- need to energize off the sidelines and put into some sort of a vehicle. why to you think this hasn't been put to work just yet? >> i think the trillion number that's mentioned in the article you're referring to is not a number i recognize. i think the number is probably more like half that. >> so not $200 billion, you think it's about $100 billion? >> you mentioned the trillion, 200 of which relates to the 2007 and 2008 funds. 2007 and 2008 were definitely peak years for dry powder. that's the committed funds that haven't yet been spent on new investments. but it's actually been falling since then. it's quite a complicated issue. there are a number of reasons why fans haven't been investing, but although investments were at a peak in 2007 and 2008, there have been substantial investments through the subsequent years. >> so if there is cash that some of these private equities firms are sitting on and it'
be their top priority? join me in the conversation. e-mail or tweet. tom says how about simon cowell because he seems to be running everything else. what do you think? let us know. meanwhile, talking about the chancellor, george osbourne expected to announce further austerity measures at the conservative party conference today. beccy meehan has been at that conference and she caught up with george osbourne and asked him if more austerity would impress the financial markets. >> what they'll see is a country attacking its problems head on. we're one of those western countries getting on top of debt problems. we have an incredible plan to reduce their budget deficit delivering very low interest rates for you us in the markets at the moment. and so that is the proof that there are international parliaments in the plan, but what i'm saying is we have to stick with the plan and setting out new ideas for example in our welfare system to make sure this country continues to live within its means and at the same time has a tax system that attracts international businesses to britain p. and one of the enc
'm out. i won't stick around for an orderly transition. oil walk away. simon and guys that's kind of a theory that's making the rounz that connect the dots that jim and others have been talking about this morning. >> that makes sense and we've seen that happen before. it's interesting, i looked at the composition of this board of directors. doesn't seem to be that strong of a board but they stood up here and made known what they at least felt. perhaps surprisingly to some a difference in opinion on the strategy this bank. one wonders when they will start with the new messaging. >> absolutely, david. i share a little bit of the surprise even just on your desk this morning in terms of the negativity about the quarter yesterday from sheila bair and from others, the feeling that the board was dissatisfied with pandit's performance. he inherited an unmentionable on television sandwich. he did quite a lot with it over a five year period. the compensation issue was dogging the board and him. i'm sure that was a factor. that doesn't explain why this ouster would occur right now. >> we got
. simon, all in all, a good quarter for bofa. no bank ceo has come out guns blazing and said this is going to be a great near term environment for banks. we'll have to see. no great news, but at least no bad news. >> still have morgan stanley tomorrow. we'll see what they say. >> exactly. >> let's focus on technology. clearly, we have a few major issues weighing on the dow. as far as ibm is concerned, down almost 4% there. we're joined now from stern ag. he has a buy rating and a $230 price target. welcome to the program again. >> yeah. thanks for having me on. >> nice to see you. let's focus, if we may, on what is being said here, particularly with ibm about the broader outlook for technology. you listened to what the ceo said on the conference call and he's talking about a sharp drop in business in the united states. on a macro level, how worried should we be? >> yeah. so definitely, the macro is weighing on technology. but at the same time, ibm has, we think, two issues that were more company specific and not as macro. for example, the software business, we estimate that it was impacted
. >> simon, they are parked all over the world. they have delta planes parked over in europe right now that would normally be flying back here. a lot of the planes that were usually in new york, they are in hubs in minneapolis, detroit, any place where they can find space, that's where they are putting planes right now. >> thank you very much. still ahead on the program, clearly thousands of flights are being canceled. last-minute hotel rooms being booked. a live and exclusive interview with the largest online travel agency for america, expedia's ceo will join us next. i'm a conservative investor. i invest in what i know. i turned 65 last week. i'm getting married. planning a life. there are risks, sure. but, there's no reward without it. i want to be prepared for the long haul. i see a world bursting with opportunities. india, china, brazil, ishares, small-caps, large-caps, ishares. industrials. low cost. every dollar counts. ishares. income. dividends. bonds. i like bonds. ishares. commodities. diversification. choices. my own ideas. ishares. i want to use the same stuff the big guys
. harper collins, simon and shuster and hischett. good luck figuring out if you bought some of their books. >>> stick around, "squawk" will be right back up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> welcome back to "squawk box." we are a few seconds away from retail sales data. i believe 0.8% is what economists are looking for. rick santelli is standing by at the cme in chicago. take it away
jerry seinfeld, paul simon, and of course we're not far from bernie madoff mansion. most of those guys are up high. wind damage is a concern there and not necessarily the storm surge. back to you. >> all right, brian. thank you very much. we'll check back in with you in just a bit. when we return, we'll look at preparations for hurricane sandy. we'll bring live reports from the east coast and we'll talk to govern area jack markell and storm preparations in his state. i'm getting married. planning a life. there are risks, sure. but, there's no reward without it. i want to be prepared for the long haul. i see a world bursting with opportunities. india, china, brazil, ishares, small-caps, large-caps, ishares. industrials. low cost. every dollar counts. ishares. income. dividends. bonds. i like bonds. ishares. commodities. diversification. choices. my own ideas. ishares. i want to use the same stuff the big guys use. ishares. 9 out of 10 large, professional investors choose ishares for their etfs. introducing the ishares core, etfs for the heart of your portfolio. tax efficient and low cos
to you. >> mary thanks so much. simon joined us here at post nine. you can almost set your watch on how the dow begins to fade as europe closes, happening again today. >> actually trading into the close europe has also fallen, it's very interesting. we were doing much better than we are at the moment, a little bit earlier in the session. what's interesting is a lot of the news for europe is actually coming out of tokyo, out of the imf meeting, you have this, next week is the big summit of course and mass protests on the streets of greece on thursday, as that kicks off in brussels, and over in tokyo today, lagarde again for the imf indicating a change in position that greece and spain should be given more time and one point sitting next to the german finance minister on a panel and disagreeing really vehemently with each other about what should happen. he is saying to her look the troika is still in athens trying to work things out. please don't preempt their report but things are shifting there and in that meeting at that meeting for the first time a senior european official has detaile
simoner, asml's key supplier of a light base technology that's crucial to making a new generation of much smaller chips. so it's not quantum, joe, but it's light-based. one of these days we'll get a quantum chip. >> did you bring your rolodex yesterday? how do you do that? >> in the blackberry. i was in arizona, so we're three hours the wrong way. i was watching you. >> that was so great when you said those treasury staffers found out about it. >> they were watching cnbc. i would imagine you call tim geithner and the staff just to let them know, not because of tarp anymore. >> right. it seems like they're out of it, but how many years ahead can they use those tax laws -- >> that can continue. >> for like 20 years, right? and they didn't go bankrupt. so if you didn't go bankrupt, you can't use them. but by being saved, they get to keep them as taxpayers -- they can earn profits the next ten, 15 years and we don't get anything. >> are we comfortable that we finally feel like we know what happened? >> no. i think we need to have more discussion. >> i ran into a citi employee that was now at
's link in with brian schactman who joins us from montauk. we're live. >> reporter: thank you, simon. sorry about that. was that a few hours to assess the damage here on the south shore of long island, and i can tell you up and down the coastline there are huge chunks of wood, in many cases entire trees and in the areas where we are right now, they affectionately call this the barge or it was the barge. it was their summertime bar and grill. it's completely destroyed. they had a little bit of damage in the october snow storm last year. this, of course, is a total loss. they tell me insurance will help cover that. they hope fema will help them restore the beach. they have had at least eight foot of beach erosion. that is a story on the south side of long island which they consider to be averting the worst possible scenarios. on north side we sent a crew out today to get some images of the cleanup and some of the aftermath. of course, debris is strewn everywhere and some roads are damaged, and then the big picture of long island just to update people, more than 80% of long island remai
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